Elliott wave Analysis: EURUSD, USDJPY and Nikkei225 Intra-day Developments

Intermediate

We see some serious and very strong dollar move at the start of a new trading week. EUR/USD just went below August 2018 levels quite aggressively which seems like an important break-down, but until we see a close below that price it can be too soon to call that a breakdown! Also, an intraday chart shows pair in a fifth wave of decline which may see limited weakness here at 1.1200-1.1250.

EURUSD, 1h

intraday eurusd

At the same time, we see also USDJPY hitting an important resistance level here around 114.00. It will be interesting to see if bears can take over from here as an ending diagonal can be coming to an end. A decline below 113.60 would be quite interesting. Nikkei is also looking south at least for the short-term towards 21700 which may drag USDJPY down as well.

USDJPY, 1h

intraday usdjpy

Nikkei, 1h

intraday nikkei


Latest News

usdjpy
Yen stays strong in risk off scenario

Last Friday’s very weak German Manufacturing Purchasing Managers’ Index data was another blow to the global economic backdrop, with concerns throughout this year of a global slowdown in China, through Asia Pacific and increasingly also in Europe. This has seen riskier asset classes come under negative forces over the past week into latter March, with … Continued

Euro vulnerability

A Euro plunge in the latter part of last week, on Friday driven by very weak German Purchasing Managers’ Index data. Furthermore, the US Dollar has seen broader strength again on Thursday-Friday against many major currencies, after US$ weakness was seen immediately after a far more dovish Federal reserve at their meeting on Wednesday. This … Continued

EURUSD Still stumbles at the 200-day MA

The Euro was the weakest currency on Friday The EURUSD cannot break above to 200-Day Moving Average There may a small bounce on Monday morning As European slides into recession EURUSD will fall to 1.1000 The 200-day moving average (200 DMA) has continued to prove a stubborn barrier to the upward path of EURUSD. This … Continued

Current Market Analysis
Euro breaks down, GBPCAD threatens upside

US Dollar Index holds support and rebounds EURUSD seeds multiple negative signals, downside risks GBPUSD sends buy signal GBPCAD sets up more bullish AUDUSD negative and USDCAD buy signal USDTRY and USDBRL surge

Leave a Reply

Your e-mail address will not be published. Required fields are marked *


Forex Brokers in your location